While 71 per cent of American employers said they’re confident their employees will have a financially secure retirement, just 62 per cent of employees said the same, according to a survey by the Transamerica Center for Retirement Studies.
The survey, which queried more than 1,800 employers and more than 6,000 employees in the United States, found 82 per cent of employer respondents said their company is supportive of employees working past age 65, while 72 per cent of employees agreed. Employers considered a median age of 70 as too old to continue working, while employees gave a median age of 75.
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“Today, people have the potential to live longer than any other time in history,” said Catherine Collinson, chief executive officer and president of the Transamerica Institute and the Transamerica Center for Retirement Studies, in a news release. “Many workers now want and need to extend their working lives to financially prepare for longer retirements — but they need support from their employers which they are not yet getting.”
In terms of offering opportunities, training and tools to all employees regardless of their age, 70 per cent of employers said they feel their company does so, while 56 per cent of employees said the same. A quarter (23 per cent) of employer respondents said they have a formal diversity and inclusion policy that specifically makes note of age.
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Almost half (47 per cent) of employee respondents said they picture a phased transition into retirement. Among that group, 30 per cent said they expect to reduce their work hours and 17 per cent anticipate working in a less demanding position or one that brings more personal satisfaction.
“Older workers bring wisdom, experience, expertise and tremendous untapped potential in today’s historically low unemployment environment,” said Collinson. “Further, a multi-generational workforce can enhance diversity and inclusivity — and foster innovation. By not adopting business practices that can support workers of all ages, employers are missing out on an important opportunity.”
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